Savory Snacks Market to Reach USD 108.5 bn by 2021
Sarasota, FL -- (SBWIRE) -- 11/13/2017 -- Zion Market Research has published a new report titled "Savory Snacks Market (Potato chips, Extruded snacks, Nuts and seeds, Traditional Snacks, Popcorn, Pretzels, Meat snacks): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021". According to the report, the global savory snacks market accounted for USD 94.5 Billion in 2015 and is expected to reach USD 108.5 Billion by 2021, growing at a CAGR of around 2.33% between 2016 and 2021.
Savory snack is a salty food which is smaller than a regular meal. Usually, savory snack is eaten between meals. From past few years, snacks consumption trend has been changed. Consumers prefer more healthy snacks than the fried one. Hence, manufacturer's venture towards the consumers demands healthy and fat-free snacks have been increasing. This boosts the demand for healthy snacks and in turn helps to grow the snacks market in the coming future. Lay's, Doritos, Cheetos, Ruffles, and Pringles were the dominating brands with the highest market share in 2015. Demand for such brands increased due to innovative consumption pattern such as potato chips in chocolate chili flavor in France, nacho chips in papdi chaat flavor in India, popcorn in strawberry and cream flavor in the UK and maize snacks in a tangy fruit chutney flavor in South Africa.
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Increasing urbanization and busy lifestyles are impacting the consumer eating habits. Consumers are gradually replacing main meals with more light, flexible and convenient snacking options. This is expected to be a driving factor for savory snack market. PepsiCo is one of the leading providers of savory snacks in the global market. Their snacks are made with different flavors to capture the rregion-specifictaste preferences. For instance, in North America, some of the flavors provided by PepsiCo are sour cream & onion, barbecue, and hidden valley ranch. Due to rising health concerns, producers have altered their manufacturing methods and content in their snacks. This has resulted in low salt content in baked and crispy snacks instead of fried. These alterations from manufacturers according to the consumer demand are projected to drive the market in next future years. However, the high cost of these snacks is one of the factors which are hampering the savory snacks market growth. Furthermore, the growing hypermarkets and supermarkets in the developing economies are boosting growth opportunities for the savory snacks market.
Savory snacks market is segmented into extruded snacks, nuts & seeds, popcorn, pretzels, meat snacks, traditional snacks, potato chips and another type of snacks. A potato chip has been the leading product segment of the savory snacks market over the past few years and this trend is projected to be continued over the forecast period. Traditional snacks segment is projected to witness strong growth in the coming future owing to new innovations in flavors and tastes. Extruded snack is also one of the major product segments of the savory snack market and likely to grow rapidly due to increasing consumers preference towards it.
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North America was dominating the regional market for savory snacks in 2015. This trend is expected to be continued in the coming future. As offering snack is a tradition in western culture coupled with increasing trend of snacks consumption during working hours and between main meals in the U.S. is a major factor which is boosting the market growth in this region. North America was followed by Europe in 2015. Asia Pacific savory snacks market is expected to grow significantly the future period on account of growing disposable income of consumers in emerging economies such as China and India. Moreover, changing consumer's lifestyle and impact of westernization on Indian culture is further expected to drive the savory snacks market in Asia Pacific region. Countries with the high population such as China and India is also one of the major factors which positively impact the savory snacks market in Asia-Pacific region as it provides large consumer base.
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Some of the key companies operating in global savory snacks market are PepsiCo Inc., AVI Limited, H.W. Lay and Co, Want Want Holdings Limited, Frito-Lay, Kellogg Company, Calbee, Bourbon Corporation, Kraft Foods, Chio Chips, Estrella, General Mills, Greendot Health Foods Ltd, Haldiram`s, Amanoya Kabuki, Kameda, and Tyrrells among others.
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